ORANGE COUNTY, February 3, 2021: Morgan Lewis represents 10X Capital Venture Acquisition Corp. (Nasdaq: VCVC), a special purpose acquisition company (“SPAC”), in a merger agreement for a business combination with REE Automotive that would result in REE becoming a publicly listed company. The transaction reflects a pro forma equity value of approximately $3.6 billion for the newly combined company trading on the NASDAQ under the new ticker symbol “REE”.
VCVC is sponsored by affiliates of 10X Capital. Founded in 2004 by serial entrepreneur Hans Thomas, chairman and chief executive officer, 10X Capital is a venture capital and investment firm at the nexus of Wall Street and Silicon Valley, aligning institutional capital with high-growth ventures.
Partners Todd Hentges, Tim Rupp, and Sean Donahue, of counsel Jeffrey Letalien, and associates Brian Soares and Jackie Hamilton represented 10X Capital.
Update: Morgan Lewis advised VCVC on the closing of the business combination with REE announced on July 22, 2021.